Mumbai: Stocks bid goodbye to 2017 in style as the last trading session of the year saw the BSE benchmark index rallying 209 points to finish at a fresh life-time high of 34056.83.
Stocks of power, auto, information and technology sectors saw robust buying- also, futures buying also added momentum. This has been a remarkable year for Indian markets, " said Sameet Chavan of Angel Broking. The Sensex clocked its best performance in recent years, rising by 7430.37, or 27.91 per cent. The 10-year bond yield was at 7.402%, a level last seen on July 2016, compared to its previous close of 7.396%. The Nifty too rallied 2,344.90 points, or 28.65%, in 2017.
Back home, markets began the day on a flat note and traded in a narrow band for the first half of the trading session. "Expectation of a pick up in third quarter earnings and strengthening of rupee supported the sentiment", said Vinod Nair, Head of Research, Geojit Financial Services.
The NSE Nifty slid 40.75 points, or 0.39 percent, to 10,490.75 after scaling a new peak of 10,552.40. The Sensex advanced by 116.53 points, or 0.34%, while the Nifty gained 37.70 points, or 0.35%, during the period.
Reliance Communications (RCom) today rose as much as 23%, after Mukesh Ambani's Reliance Jio announced yesterday that it will acquire RCom's wireless infrastructure assets, including towers and spectrum, at an estimated price of Rs 20,000-24,000 crore.The stock, however, 17.48% up on the NSE.
Infratel (+2.4%), Asian Paints (+2%), TCS (+1.7%), Tata Motors (+1.6%) and Axis Bank (+1.5%) were the top gainers on Nifty50.
The BSE Midcap and BSE Smallcap indices were up 0.41% and 0.62%, respectively.
Trading was thin across global markets on the last session of the year. However, the returns are lower than Hang Seng, which has gained 33 per cent. Japan's Nikkei shed 0.08%.